TSXV: SFR VANCOUVER, Aug. 12 /CNW/ - On Track Exploration Ltd on behalf of Starfire Minerals Inc. has signed a contract with Terraquest Ltd. to conduct airborne radiometric and magnetic surveys on their Cross Structure property where past exploration has demonstrated a potential for uranium resources. The property is located in the northeastern part of Quebec, along the north shore of the Gulf of St. Lawrence, approximately 85 kilometers east of Havre St. Pierre. The property is situated 100m above sea level and is accessible by road 25 kilometers west of Aguanish, Quebec. Terraquest will conduct approximately 300 line kilometers of aero- geophysics in early October. The airborne survey will consist of data acquisition, processing, map production, and preparation of the geophysical report. The data processing, map production, and preparation of the report will be published as the company receives information. Radioactive minerals were first discovered in the Baie Johan Beetz area in 1955. Intermittent exploration activity since then has included a number of airborne radiometric surveys with follow-up ground work including trenching and drilling of some prospects. In 1967, an airborne scintillometer survey was carried out by Geosearch Consultants and in 1975, the Geological Survey of Canada conducted an airborne gamma ray survey over the region that included the property. The survey delineated several anomalous radioactive targets. In 1977, Aguanish Uranium Inc. completed a fieldwork program consisting of geological mapping, rock sampling, trenching and shallow drilling which covered about 50% of the property. The program discovered 3 exploration targets, two of which are located on the Cross Structure property: (1) X-NW Cross Structure and (2) the Y-Z Cross Structure. In 1978, Lacana Mining Corporation contracted an airborne radiometric and magnetic survey over the property area and concluded by recommending a trenching and sampling program of the areas of new discovery. There is no record of any uranium exploration work on the property between 1978 and 2005. The X-NW Cross Structure ------------------------ The 1977 assessment report suggests the X-NW Cross Structure mineralization can be traced for 1200m. For about 730m the mineralization is 15m wide and appears to dip vertically. The average indicated grade with a spectrometer is more than 0.4 pounds per ton. The depth of the zone was stated as being potentially 365m. Using these dimension estimates an exploration target of 12 million tons was postulated (Report GM 33443). The dimensions and grades mentioned above were collected in 1977 and are not to NI 43-101 standards and will need to be confirmed by the company. The company has not conducted any exploration on the property. The dimensions and surface grade stated do not constitute a mineral resource and are referenced here to inform shareholders that the property has significant potential. These estimates should not be used for making investment decisions. The Y-Z Cross Structure ----------------------- The 1977 assessment report suggests the Y-Z structure can be followed for 400m, has a width ranging between 6 and 8m and is open at both ends. Surface sampling from 1977 indicates an average grade of 0.3 lbs per ton. Shallow trenching and sampling indicates grades of over 0.5 lbs per ton. Using these dimension estimates an exploration target of 2 million tons was postulated (Report GM 33443). The dimensions and grades mentioned above were collected in 1977 and are not to NI 43-101 standards and will need to be confirmed by the company. The company has not conducted any exploration on the property. The dimensions and surface grade stated do not constitute a mineral resource and are referenced here to inform shareholders that the property has significant potential. These estimates should not be used for making investment decisions. The Corporation De Developpement Economique of Quebec has undertaken recent regional exploration activities for uranium in the area surrounding the property. In addition Entorage Mining Ltd. of Vancouver has acquired the Doran East Centre target to the immediate east of the Cross Structure property. On their web-page Entourage states previous work showed three holes drilled 14 feet apart returning values of 6.4, 6.4 and 9.2 Lbs. Per ton U3O8. Recent mineral claim acquisition by Sheridan Platinum Group Ltd. has encompassed the Doran and Cross Structure properties. The Capri Property ------------------ Drilling and detailed exploration work continues on the Capri property near Grand-Remous, Quebec. Work is expected to continue throughout the summer. Drill core and samples from the current program are in the process of being logged and sent for analysis to Lakefield Laboratories in Ontario. Radiometric surveys are being conducted on two new areas of the property, similar to an earlier program completed in June. Results from these programs will be released as reports are finalized. ON BEHALF OF THE BOARD OF DIRECTORS OF STARFIRE MINERALS INC. "Freeman Smith" ----------------------- Freeman Smith, Director THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THIS PRESS RELEASE.